Dembar v. Reynolds & Co.

Abraham N. (teller, J.

Plaintiffs, 13 former customers of First Discount Corporation, a securities factor not a party hereto and now in receivership (see SEC v. First Discount Corp. et al., 1961 Civ. Act. No. 1934 [U. S. Dist. Ct. S. D. N. Y.]), herein sue Reynolds & Co. (a stockbroker) and North Jersey Trust Company (a bank) for conversion of their securities by participating with, aiding and assisting First Discount Corporation in such conversion. Plaintiffs allege respective causes of action for conversion based on defendants’ actual knowledge that the sales of plaintiffs’ securities by…